Rupee gains 16 paise to 81.54 against U.S. dollar

At the interbank foreign exchange, the domestic unit opened at 81.69 against the dollar, then gained ground to touch 81.54

The rupee appreciated 16 paise to 81.54 against the U.S. dollar in early trade on Friday on broad dollar weakness and in line with its Asian peers.

At the interbank foreign exchange, the domestic unit opened at 81.69 against the dollar, then gained ground to touch 81.54, registering a rise of 16 paise over its previous close.

Also read: Rupee gains 30 paise to close at 81.63 against U.S. dollar

On Thursday, the rupee appreciated by 23 paise to close at 81.70 against the U.S. dollar.

Forex traders said the American currency has retreated from its elevated levels post Federal Open Market Committee (FOMC) minutes.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.23% to 105.82. Moreover, steady crude oil price is also aiding investor sentiments.

"Brent is steady around $85 per barrel after Thursday's drop which came on reports that the price caps proposed for Russian crude were too high and above the current levels," IFA Global Research Academy said in a note.